South African president''s office interested in GATA

March 1, 2001

To: Ms. Haruko Fukuda
Chief Executive Officer
World Gold Council
45 Pall Mall
London SW1Y 5JG
United Kingdom

Dear Ms. Fukuda:

Last Friday there was an article in The Wall Street
Journal by Neil Behrmann titled, quot;World Gold Council
Hopes to End Gold Price's 20-Year Bear Market.quot;

The article mentions Reginald Howe's complaint filed
in U.S. District Court in Boston and the Gold Anti-Trust
Action Committee, stating, quot;The complaint 'for damages
and injunctive relief' alleges manipulative activities
in the gold market by central banks and bullion banks
to depress the gold price from 1994 to the present.quot;

It goes on to say the World Gold Council is distancing
themselves from the allegations:

quot;'We've thoroughly researched the allegations and don't
find any evidence of manipulation in both the gold and
gold derivatives markets,' said Ms. Leyland and Mr.
Cruikshanks of the council.quot;

On behalf of GATA, I recently toured South Africa,
visiting Johannesburg, Cape Town, Durban, and Pretoria.
I met with the president of the National Union of
Mineworkers; the South African minister of minerals and
energy and her staff; the king of the Zulus, Goodwin
Zwelithini; the South African Chamber of Commerce;
business leaders; 11 senior gold analysts; political
officials; gold producer executives; and officials of
the Reserve Bank of South Africa.

All were impressed by the evidence GATA presented
about manipulation of the gold price. All seemed curious
to know more, because, if GATA's allegations are verified,
the gold price will soar and the economy of South
Africa will benefit from the return to work of more than
100,000 miners. In turn, money will be freed to combat the
terrible crime and epidemic disease afflicting South Africa.

GATA and its supporters have worked hard for more than
two years to expose the truth about the gold market. That
is what will come out when Howe is allowed to ask questions
under oath of the defendants in our lawsuit during the
pre-trial discovery process.

Support that the Howe/GATA complaint should be heard
is growing around the world. Unfortunately, disturbing
comments from the World Gold Council, such as the one
above, retard the truth-seeking process.

Since you have done so much research about our claims
and can find no evidence for them, would you please
publish your findings, in fairness to the many who are
harmed by your comments? While there are those in the
gold world who do not agree with us, they never
specify what they dispute in the massive body of
evidence we have documented.

If The Wall Street Journal article was in error about
the World Gold Council's position on GATA, we and the
council deserve a correction. After all, it is in the
interest of your members' shareholders that GATA has
toiled these past two years.

Thank you for your consideration.

All the best,

BILL MURPHY, Chairman
Gold Anti-Trust Action Committee Inc.
Dallas, Texas